UAE Crypto companies celebrate the increase in the cryptocurrency market cap.

“UAE provides clear rules and registration for crypto exchanges and dealers. Crypto adoption and economy thrives in UAE.”

The UAE, the country’s proactive stance on blockchain adoption and the establishment of designated free zones for blockchain and cryptocurrency activities have attracted investment and talent to the region. Companies operating within these free zones benefit from streamlined and clear regulatory processes and incentives, fostering a conducive environment for growth and innovation. Rak Dao in particular is a crypto and blockchain dedicated free trade zone that hosts some of the most successful and innovative blockchain and crypto companies.

Below excerpt from Visual Assets Regulatory Authority – Public record of Licensed Virtual Asset Service Providers

Public record of Licensed Virtual Asset Service Providers

“In the interests of transparency and consumer protection, VARA publishes a public list of licensed VASPs. This contains relevant information about each provider, including the licences it holds and the services it is permitted to provide..”

Read more on Visual Assets Regulatory Authority

Below excerpt article reported by Issa. T, M. (2023, September 27). UAE, Saudi cash in on crypto activity as global market cools. Arabian Business

UAE, Saudi cash in on crypto activity as global market cools

As traditional markets struggle, the Gulf’s burgeoning crypto adoption suggests the tide is turning once more for digital assets, reflecting ongoing resilience in UAE and Saudi Arabia despite downturns

The UAE maintained over $34.8 billion in crypto transactions between July 2022 and June 2023, and Saudi Arabia registered 12 percent growth in crypto volumes, demonstrating the two Gulf nations’ resilience amid global market turmoil.

“Compared to the $42 billion the [UAE] received in the same period last year, this represents a 17 percent drop. It’s worth noting, however, that this decline is in line with the performance of global crypto and traditional financial markets,” Director of Research at blockchain analytics firm Chainalysis, Kim Grauer, told Arabian Business.

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